SERVICED APARTMENTS RESULTS
Ascott boosts portfolio with stake in Synergy
IAG profits up despite British Airways IT crash
increased its operating profit by 45 per cent to Ð805 million for the second quarter of 2017, despite losing Ð65 million due to BA’s high-profile IT failure in May. IAG was boosted by a 4.3 per cent rise in revenue to Ð5.95 billion during the three months up to June 30, as well as a 10.4 per cent drop in fuel unit costs. Operating profit for the first half of 2017 also rose by 37.3 per cent to Ð975 million. IAG said that BA’s power failure in May, which forced the
cancellation of nearly 700 flights, had cost the company Ð65 million in compensation fees and baggage claims. Willie Walsh, chief executive of IAG, called it “a very strong performance” during the second quarter. “The underlying trend in unit revenue improved, benefiting partially from Easter and a weak base last year,” he said. “Non-fuel unit costs before exceptional items are up, at constant currency. These costs include the financial impact of the power failure, which affected British Airways’ customers.” Walsh added that British Airways had enjoyed “record breaking” bookings in June in the immediate aftermath of the IT failure, despite the widespread adverse publicity. “In June, Level started long-haul flights from Barcelona to
four destinations,” he added. “Sales continue to be well ahead of our expectations. We’ve ordered three additional aircraft and are considering other European bases for the operation.” IAG said its operating profit is expected to increase by a “double-digit percentage” in 2017 compared with last year.
is to triple its portfolio after buying a majority stake in US company Synergy Global Housing. Ascott, which is based in Singapore, is spending US$33.7 million for an 80 per cent stake in the serviced apartment company which will boost its US portfolio to 3,000 units. It said that the purchase of Synergy would give it “an immediate presence and access to corporations based in Silicon Valley, which include hi-tech powerhouses”.
See serviced apartments feature, p126
DISTRIBUTION
Amadeus looks to grow GDS rail platform
around the world are being slowed by the need to complete commercial agreements with the rail industry. The travel technology firm has been working to create its rail distribution platform for more than five years. The system now features around 90 rail operators including
major European train companies SNCF, Deutsche Bahn, Trenitalia, Renfe and Swedish Rail. It allows users to compare rail prices with airfares for the same journey on a single screen. Antoine de Kerviler, global head of Amadeus Rail and Ground
Travel, said:“What’s limited GDS distribution is the need for agreement with the railway in each country. TMCs have to negotiate so that they can see several different railways on the same screen.”
See rail feature, p101 RESULTS TAKEOVERS
American Express GBT acquires UK events agency
has purchased London-based event management firm Banks Sadler.
The purchase is the latest acquisition for American Express GBT following deals last year to acquire travel technology firm KDS and the Finnish travel management company SMT.
Terms of the deal to buy Banks Sadler have not been disclosed. The agency will become part of American Express Meetings & Events. Banks Sadler was founded in London in 1982 and expanded to open offices in York, Windsor, Paris, Dusseldorf and New York. The company currently has around 250 staff.
HRG: Clients remain ‘cautious’ on travel
is trading “in line with expectations” despite travel clients remaining “cautious” over the past few months. The company, which is listed on the London Stock Exchange, said its financial position was “robust”. “As expected, travel
clients remain cautious, and we are seeing the rollover effect of client losses from the prior financial year and the slowdown of sales in the
second half of last year on trading across all regions,” said the company in a statement to investors. “As companies increasingly look to HRG to help manage their costs effectively and maximise the value of their spend, we have continued to secure new clients,” the company said.
Among the signings are consultants Bearing Point, and engineering firms Sandvik and WSP.
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